Gift look-back period extended from 6 to 10 years and removal of tax reductions based on the donor's age

The amending finance act of 29 July 2011 extends from six to ten years the period during which previous gifts are added back when calculating allowances and the tax scale (Article 784 of the General Tax Code), with a transitional reduction of 10% to 40% on gifts made six to ten years earlier (Article 7). It removes the tax reductions granted according to the donor's age, except for full-ownership gifts of businesses by a donor under 70 (Article 8). The exemption for family gifts of money (Article 790 G) can now be used only once every ten years and the donor age condition is standardised at under 80 (Article 10). The look-back period was extended to fifteen years in August 2012.